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H.I.G. WhiteHorse Provides Financing for Capvis’ Acquisition of Gotha Cosmetics in Italy
LONDON – September 30, 2016 – H.I.G. WhiteHorse, a credit affiliate of global investment firm H.I.G. Capital, has supported Gotha Cosmetics’ acquisition by Capvis Equity IV LP, a fund advised by Capvis Equity Partners AG (together “Capvis”) by providing funding to support a €65 million unitranche facility arranged by Credit Suisse. Gotha Cosmetics is a developer and manufacturer of private label cosmetics mainly focusing on lips, eyes and face products. Based in Italy, Gotha Cosmetics was founded in 2005 and has become a key partner for both independent beauty brands and multi-national customers evolving towards more outsourcing-based production models. Capvis will further develop Gotha Cosmetics and help it grow its revenues and international reach.
Appu Mundassery, Managing Director at H.I.G. WhiteHorse, said: “We are delighted to assist Capvis by providing a tailor-made financing solution for the acquisition of Gotha Cosmetics. This transaction demonstrates our ability to support high-quality businesses with bespoke, flexible and committed financing solutions in a timely manner; we continue to regard Italy as a key market and see more opportunities in the near future”.
About Gotha Cosmetics
Gotha Cosmetics Srl. was founded in 2005 as a private label cosmetics manufacturing company located in the province of Bergamo, near Milan, the Italian colour cosmetics hub, with the aim and vision of becoming a global point of reference in colour cosmetics innovation. As a one-stop-shop partner for the global cosmetics industry ranging from prestige, masstige to mass market brands, Gotha researches and creates new colouring cosmetics formulae, manufactures bulk products, industrializes new products and offers add-on filling and packaging solutions.
Capvis is the leading private equity firm based in Switzerland. It invests in German-speaking Europe and selectively in Northern Italy. With a current fund of EUR 720 million, Capvis focuses on majority holdings in leading mid-sized companies. It aims to support management teams in releasing entrepreneurial potential and achieving new levels of excellence. Since 1990, Capvis has completed 50 transactions with a total value of more than EUR 5 billion. Capvis has floated ten companies on stock exchanges and has repeatedly been voted Switzerland's and Germany's best private equity firm by the international financial press. Gotha represents Capvis' third investment in Northern Italy.
About H.I.G. WhiteHorse
H.I.G. WhiteHorse is the credit affiliate of H.I.G. Capital focused on providing flexible debt financing solutions to middle market companies in Europe and the United States. Operating a broad investment mandate, H.I.G. WhiteHorse provides unitranche, senior and subordinated debt capital for refinancings, growth capital, acquisitions, buyouts, and balance sheet recapitalizations. Credit facilities typically range from €10 million to €75 million for companies with revenues of €40 million or more. For more information, please refer to the WhiteHorse website at: www.higwhitehorse.com.
About H.I.G. Capital
H.I.G. is a leading global private equity and alternative assets investment firm with €18 billion of equity capital under management.* Based in Miami, and with offices in New York, Boston, Chicago, Dallas, Los Angeles, San Francisco, and Atlanta in the U.S., as well as international affiliate offices in London, Hamburg, Madrid, Milan, Paris, Bogotá and Rio de Janeiro, H.I.G. specializes in providing both debt and equity capital to small and mid-sized companies, utilizing a flexible and operationally focused/ value-added approach:
- H.I.G.’s equity funds invest in management buyouts, recapitalizations and corporate carve-outs of both profitable as well as underperforming manufacturing and service businesses.
- H.I.G.’s debt funds invest in senior, unitranche and junior debt financing to companies across the size spectrum, both on a primary (direct origination) basis, as well as in the secondary markets. H.I.G. is also a leading CLO manager, through its WhiteHorse family of vehicles, and manages a publicly traded BDC, WhiteHorse Finance.
- H.I.G.’s real estate funds invest in value-added properties, which can benefit from improved asset management practices.
Since its founding in 1993, H.I.G. has invested in and managed more than 200 companies worldwide. The firm's current portfolio includes more than 100 companies with combined sales in excess of €22 billion. For more information, please refer to the H.I.G. website at www.higcapital.com.
* Based on total capital commitments managed by H.I.G. Capital and affiliates.